No, it is predicted in most news outlets including the FT. We have and still can trade worldwide, but it gets more difficult if your goods cost more due to the spiralling inflation.
Yes it will put some out of business. What about them? I've already stated that these are a big problem. How can beans range in price so much? Quality, ingredients, country of origin, buying power of retailer, greed. All of the above in varying forms. Company I work for can sell you a tin now at (the equivalent of) 30p a tin or a different tin at the equivalent of 52p a tin. We'd make 4p on the 30p one or the same 4p on the 50p one.
You really don’t understand finance do you? It isn’t just the NMW rise, but the collection of increases and extra costs to the employers. This will either cause more unemployment or prices to increase thus making the wage rise useless.
Ps, it's called wage push inflation in case anyone was wondering. It's something that's been taught in economy and business studies courses for decades.
By the sound of it neither do you, are you honestly saying that an increase alone in the NMW will put more people on unemployment? There are far more factors than the NMW alone in this equation, but let’s ignore those. Just to put some perspective on this, the lowest rank in the military is on even lower than the NMW, governments have actually ignored this for years
Please read my last post again…. The middle bit. Where I say it’s not just the NMW. I’m not ignoring any of them. But the seemingly constant increase in costs for small business is having a massive impact. Blindly just increasing them does little more than increase the length of the dole queue.
Some positives around transport in general. The noises coming out of Education look ok. Reeves and Streeting are dreadful appointments in very key areas. Nothing positive will happen with those two in situ.
What he said is quite easy to understand. The government are forcing companies to give a pay rise to staff they might not be able to afford. This will result in companies laying off staff, giving up hiring or putting up the price of the things they sell. It's not the minimum wage that needs to go up, it's the price of products that needs to come down. Putting up NMW will be seen a reason by many to charge more for things knowing people are getting it. This creates a vicious circle of events.
Please tell me how the price of products will come down? If you think that is ever going to happen then you may as well put £20k on Barnsley winning the league. Big companies are all about profits and not the workers, cheap labour means bigger profits. Tescos, ASDA, Sainsbury’s all pay the minimum wage, are they hurting by the increase? Are they 8ollocks, they will always make money
The current system is out dated and doesn't work... High street businesses are struggling to compete with bigger stores and on line retailers its time for a fairer system where all retailers share the burden equally lowering bills for those struggling and charging those not paying at all. Labour have clearly said they will scrap business rates in favour of a fairer system I just hope it's soon so those on the brink can benefit before it's too late.
We he'd all this sh ite when NMW first came in that businesses would go to the wall. Tories put it up last year but can't remember media causing a stink then.
It's not just thar though, nmw going up, NI for employers going up, fuel duty. Will all have a effect on small businesses. If your already struggling you either call it a day or increase prices. I imagine it will be the final straw for a few more pubs.
I was involved in providing research and data for the original Low Pay Commission that Labour set up to oversee its install. The push back from business was intense with apocalyptic scenarios that it would destroy British business. Of course none of that actually happened. P I spent 6 months travelling round doing interviews with people. It was easy at the time to find people who were being paid less than 2 quid an hour. I interviewed someone working for Burger King in Glasgow earning £1.48 an hour. He’s always stuck in my mind when this sort of topic comes up. No one should ever be in his position ever again. Labour gave in too much in 1997 and pitched it too low as they were scared of media backlash but at the end of the day it was a massive step forward
If you can’t afford to pay those who work for you a living wage then your business model isn’t viable. It’s that straightforward. Reeves has put measures in place to help SME’s https://x.com/martinslewis/status/1851619922335486204?s=46&t=j20zR706pmXrBtdI_7p-NQ
Why is the right wing so anti train drivers? The average wage is £38k. If you have a job where you are responsible for thousands of lives daily, then you should have a decent wage.
She has, the point I made was before it was announced. Not all small businesses are making massive amounts so putting the minimum wage up, energy price rises, fuel going up can all have a big effect on a small business.
